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Sri Lanka to keep getting US, GSP trade benefits
June 30, 2012 (LBO) – Sri Lanka will continue to receive preferential trade concessions after ‘noteworthy efforts’ were made by the state to address worker rights issue, US Trade Representative Ron Kirk has said. Sri Lanka gets duty free export rights to 5,000 odd items including tires, activated carbon, rubber gloves, plastic products, and kitchenware […]
Sri Lanka to pave more roads with bank credit
June 29, 2012 (LBO) – Sri Lanka will rebuild 332.77 kilometres of roads using domestic contractors with loans taken from commercial banks in the same way more than 600 kilometres of roads were paved earlier, a minister said. Minister Keheliya Rambukwelle said the total cost of the project was not specified as yet, but the […]
Sri Lanka stocks close up 0.20 pct, rupee steady
June 29, 2012 (LBO) – Sri Lankan stocks closed up 0.2 percent on Friday, while the spot US dollar closed at around 133.70/90 in a day of quiet trading, dealers and brokers said. Colombo’s All Share Price Index gained 9.86 points to close at 4965.77, the Milanka index of more liquid stocks shed 2.61 points […]
Sri Lanka bans exports of rice in new state intervention
June 29, 2012 (LBO) – Sri Lanka said it had banned the export of rice amid a drought to ensure that the “country will have adequate rice stock at affordable prices”, in the latest in a series of ad hoc state interventions in agriculture. Sri Lanka only exports small volumes of rice targeting expatriates or […]
Equity Probe
June 29, 2012 (LBO) – Sri Lanka’s main opposition will push for an independent investigation into stock purchases by a state managed fund of private citizens’ retirement money and officials would be also summoned to parliament, a legislator has said. Harsha de Silva, representing the main opposition United National Party said the EPF had bought […]
‘s inflation accelerates to 9.3-pct in June
June 29, 2012 (LBO) – Sri Lanka’s consumer prices rose 9. 3 percent in June 2012 from a year earlier, accelerating to a three and a half year high, from 7. 0 percent in May, data from the state statistics office showed. The statistics office said Sri Lanka’s Colombo Consumer Price Index rose 1. 9 […]
Sri Lanka rupee gains
June 28, 2012 (LBO) – Sri Lanka’s rupee rose as much as 132.50 in intra-day trading on Thursday amid state bank selling before settling around 132.80/133.00 after a weak start, dealer said. Analysts however have urged the central bank not to allow excess liquidity to remain in the system as unsterilized purchases will eventually create […]
Sri Lanka stocks down 0.80 percent
June 28, 2012 (LBO) – Sri Lankan stocks slipped 0.80 percent on Thursday, though big ticket deals in Eden Hotel Lanka, John Keells Holdings PLC and PC House Holdings PLC helped swell turnover, brokers said. Market heavyweight John Keells Holdings, slipped 4.00 rupees to 186.00 rupees on trades of 873,554 shares. A parcel of 280,000 […]
Offshore Support
June 28, 2012 (LBO) – Sri Lankan shipbuilder Colombo Dockyard has launched the hull of a new supply vessel it is building for a Singapore customer supplying the growing global offshore oil and gas industry. Greatship Global Offshore Services is a Singapore incorporated subsidiary of Greatship (India) Limited, part of the Great Eastern Shipping group […]
Warehouse Land
June 28, 2012 (LBO) – Sri Lanka’s ports agency will lease land to three companies to build warehouses at a new industrial port in Hambantota in the island’s south, minister Keheliya Rambukwelle said. McLarens Holdings Ltd, will invest 4.0 million US dollars on a 2.5 hectare block, Ace Distripartks (Pvt) Ltd, will invest 3. 0 […]
Sri Lanka hospitality school hopes to fill skills void
June 27, 2012 (LBO) – A leisure industry school linked to a UK-based professional body said it is stepping to fill a growing need for leisure sector executives as the island sees a tourism boom after the end of a three decades long war. Sri Lanka’s tourism sector is booming after the end of a […]
Sri Lanka rupee hits new low
June 27, 2012 (LBO) – Sri Lanka’s rupee hit new lows near 134 to the US dollar in the spot market Wednesday and spot-next deals went for as much 134.15, dealers said as excess liquidity increased in the banking system. Excess rupee liquidity in the banking system rose to 10. 8 billion rupees Tuesday from […]